Bengals receive two high draft picks from Raiders for QB Carson Palmer

OFFICIAL: Bengals have agreed to send quarterback Carson Palmer to the Raiders for a first-round pick in 2012, and a conditional second-rounder in 2013.

Cincinnati and Oakland are on the verge of finishing one of the NFL’s boldest trade-deadline deals in decades, with the Bengals shipping disgruntled holdout quarterback Carson Palmer to the Raiders in exchange for two first-round picks, according to sources close to the situation.

The Bengals would receive a first-round pick in 2012 from the Raiders and the other would be a conditional first-round pick in 2013. Palmer was in the Bay Area on Tuesday morning receiving a physical before the deal could be completed.

If the Raiders advance to the AFC Championship game in the 2011 season, the Bengals would get a first-round draft pick in 2013. If the Raiders don’t, then the Bengals would obtain a second-round pick in 2013.

Quick tidbits: Trade is expected to be done by the 1 PT deadline. The former Trojan and Heisman winner Palmer has been working out in Southern California with legendary Jet quarterback Ken O’Brien. Raiders coach Hue Jackson was the Bengals receivers coach (2004-06) while Carson was under center in Cincinnati.